Why it matters
- China produces about 98 percent of the world's primary gallium and banned exports to the United States in late 2024.
- Western prices ran to several times Chinese domestic prices after the ban.
- Recovered only as a by-product of aluminum refining, so supply cannot ramp quickly.
Used in
5G chipsFast chargersLEDsRadar
Supply
China, with small volumes from Russia, Japan, and South Korea. By-product of processing bauxite.
Demand
Semiconductors, LEDs, solar cells, radar, and satellites.
Role in the portfolio
Supply-shock allocation. Policy decisions move the price more than industry does.
Scorecard
Scarcity70
Industrial demand85
Supply concentration99
Liquidity20
Team view, not market data.